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Tax Rebate on Income Protection Premiums

  • 20-04-2020 2:24pm
    #1
    jos_kel
    Registered Users, Registered Users 2 Posts: 450 ✭✭


    Hi All,
    Was reviewing my Income protection policies.

    Noticed I have the following
    1. As part of my employment, I'm part of a Group scheme which covers 66.66% with a deferred period of 26 weeks.
    2. Have separate policy with AVIVA (€50 p.m) covers up to 75% with a deferred period of 26 weeks.

    In summary, I've 2 questions
    1. Can I just drop the AVIVA policy or I could take the view at least I'm over-insured (in a good way)?
    2. I saw on the Aviva web-site that I can claim Tax Relief on premiums at 20% or 40%. Is this true and I guess as my salary is 70k, I can claim at 40%.
    Also I guess I can claim for last number of years, which I haven't done yet.

    Thanks in advance.


Comments

  • #2
    Calahonda52
    Registered Users, Registered Users 2 Posts: 13,028 ✭✭✭✭Calahonda52


    You may not always be employed

    “I can’t pay my staff or mortgage with instagram likes”.



  • #3
    jos_kel
    Registered Users, Registered Users 2 Posts: 450 ✭✭jos_kel


    Calahonda52 wrote: »
    You may not always be employed

    That’s true but I believe Income Protection doesn’t cover unemployment, rather illness or injury during employment. Open to correction on that.


  • #4
    Calahonda52
    Registered Users, Registered Users 2 Posts: 13,028 ✭✭✭✭Calahonda52


    jos_kel wrote: »
    That’s true but I believe Income Protection doesn’t cover unemployment, rather illness or injury during employment. Open to correction on that.

    My somewhat terse comment pointed to keeping the Aviva one as u may not always be able to benfit from the group schema

    “I can’t pay my staff or mortgage with instagram likes”.



  • #5
    jos_kel
    Registered Users, Registered Users 2 Posts: 450 ✭✭jos_kel


    Calahonda52 wrote: »
    My somewhat terse comment pointed to keeping the Aviva one as u may not always be able to benfit from the group schema

    Thanks for the feedback but I think it’s a moot point.
    Income Protection will only be of value to me in the undesired event of illness or injury while being employed.
    So would appreciate any feedback on the questions in the original post, in that context.
    My hunch was that it might make more sense to drop the Aviva one.
    Or is there a case for keeping both to have more cover?
    Or am I over-insured?

    Thanks in advance


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